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Business Ready Reserve

August 17, 2018
Bank-of-Elk-River-Business-Ready-Reserve

Business Ready Reserve is a revolving line of credit that is tied to a business checking account to serve as overdraft protection.

Features & Benefits

  • Advances are automatically made in $200 increments when the checking balance falls below zero.
  • Allows businesses to make small purchases without coming to the bank for a separate loan.
  • Can prevent overdraft fees and checks from being returned NSF.
  • Available to any business who has been in business more than two years.¹
  • Credit limits can range between $1,000 and $10,000 depending on the business' credit history.¹
  • Monthly payments are 5% of the outstanding balance or $25, whichever is greater. Payments are deducted automatically from the checking account on the statement cycle date.

Cost of Service

  • No interest charge unless the Business Ready Reserve is used.
  • Business pays 18% interest on the unpaid balance.
  • $50 Annual Fee.

¹Subject to credit approval.